Vodafone revenue drops as European markets struggle
Conditions remain "challenging", says CEO.
Vodafone's saw quarterly revenue drop by 3.5 per cent to 10.15bn as results were hit by regulation and recession across Europe.
Despite posting growth only 12 months ago, the network claimed performance was in line with its expectations.
"Conditions in Europe remain challenging in northern and central and southern Europe," CEO Vittorio Colao told reporters.
Vodafone has 454 million mobile customers globally. It reported a worse than expected 5.1 per cent drop in service revenue in Germany, its biggest European market, and a 4.5 percent fall in the UK.
Spain, where Vodafone has struggled throughout the downturn, was down 10.6 per cent and Italy down 17.6 per cent, as customers sought to save money by making fewer calls and retaining older handsets, and as rivals stepped up competition.
Vodafone wrote down the value of its businesses in Italy and Spain by 7.7 billion in the last financial year.
The falls across the core region of Europe took the shine off some of Vodafone's better-performing businesses, including India which showed signs of stability and an increasing demand for internet services after years of a ferocious price war.
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